Material downloaded from myCBSEguide.com. 2 / …

Material downloaded from myCBSEguide.com. 2 / 10 (iii) The bank has collected interest and has credited Rs 6,000 in pass book. (iv) A bill receivable for Rs 7,000 previously discounted with the bank had been dishonoured and debited in the pass book. (v) Cheques paid into bank but not collected and credited before December 31, 2013 amounted to Rs 60,000. 7. Double entry system of accounting is based on the principle of 'dual aspect'. Explain. 8. Qualitative characteristics are the attributes of accounting information which tend to enhance its understandability and usefulness. In the light of this statement, briefly explain any three such characteristics. 9. Create an accounting equation on the basis of the following transactions and show the resulting balance sheet. Amt. (Rs) (i) Sharma started business with cash 5,00,000 (ii) Purchased a building from Yadav, paid by raising a loan from PNB 10,00,000 (iii) Paid interest on loan Rs 20,000 and installment of Rs 2,00,000 (iv) Purchased goods from Yadav on credit 1,00,000 (v) Goods returned to Yadav costing 20,000 (vi) Sold goods costing Rs 40,000 for Rs 50,000 on credit to Joshi (vii) Took goods of Rs 10,000 from business for personal use (viii) Accrued interest 5,000 10. Rectify the following errors by passing journal entries, using a suspense account. (i) The purchase of Rs 400 from X was entered into sales book but X's personal account was rightly credited. (ii) The sale of Rs 430 to Y was credited in his account as Rs 340 (iii) The sale of old furniture of Rs 540 was credited to sales account as Rs 450 (iv) Goods worth Rs 100 were taken by the proprietor which was not recorded (v) The sales of Rs 296 to P was entered in sales books as Rs 269 (vi) Sales return books balance of Rs 210 was not included in the accounts.

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

Features of accounting ?

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

Accounting equation practical problem so Accounts

Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.​

Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

What is bad depts and how we can show in journal and ledger

Paid cash to kamlesh rs 15000

Chapter 3 question number 21